Investment in renewables should triple to $ 800 annually by 2050 to reach climate target: report

energy states that $ 1.8 trillion was invested for five years, but this amount was reduced to achieve global climate commitments.

New Delhi (Natural Energy News): According to a new report, in 2017, global renewable energy investment reached $ 351 billion between 2013 and 2018.

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It added that $ 1.8 trillion was invested over five years, but the amount was reduced to achieve global climate commitments.

The document on the topic "The 2020 edition of the Global Landscape of Renewable Energy Finance" was published by the International Renewable Energy Agency (IRENA) and the Climate Policy Initiative (CPI) on Tuesday.

"Investment in renewable energy declined narrowly in the year 2018, with a small improvement in the same year. While this was largely due to the declining cost of renewables, total installed capacity continued to grow," it said.

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According to the report, the current level of investment was still insufficient, however, to maintain the rise in global temperature within the 1.5 ° C objective by mid-century. To achieve this climate goal, by 2050, investment in various renewable technologies should have nearly tripled to $ 800 billion.

Before COVID-19, the investment trend in renewable energy was positive. But, COVID-19 has indicated us that extra action is required to keep us on the climate-compatible way and to support us regain better with a sufferable, resilient economy, ”Francesco La Camara, Director General, IRENA he said.

The document expresses that the average annual investment of $ 2 trillion in renewable and other energy transition-related technologies in the 2021-2023-recovery phase could generate 5.5 million additional jobs in the region.

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After an average annual investment of $ 4.5 trillion by the year, 2030 will generate an extra 19 million energy transition-related jobs.

According to the report, as an investment in off-grid renewables solutions rose to an all-time high of $ 460 million in 2019, additional capital would have to be unlocked.

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